Panther's arena had net income of ~$90mm from 1998-2008
View Single Post
12-11-2012, 10:43 PM
Join Date: May 2012
Originally Posted by
the actual report
(table 1), net income for the arena was:
1999: $15.325 million
2000: $12.674 million
2001: $12.305 million
2002: $7.387 million
2003: $5.148 million
2004: $6.497 million
2005: $1.024 million
2006: $11.710 million
2007: $9.576 million
2008: $8.257 million
AOC's fiscal year-end date is September 30. Guess what was so special about FY 2005?
I'm not saying you're wrong, but the actual numbers suggest that the only year without the Panthers was also by far the worst year. Don't forget that AOC pockets net profits from food/merchandise, suites and club seats for Panthers games too.
The implication with the 2005 number is misleading for a number of reasons.
They sent 10 million to the Panthers in 2005 (4 million more than in 2004 for some reason, guessing taxes and/or for restructuring purposes, Table 3 of the audit linked below).
AOC shorted the county 8.4 million over the course of the audit, looks like 2005 was one of those offending years based on the rules in the audit.
Operating expenses were nearly identical in 2004 and 2005, SSE had to pay for operating expenses and didn't have all the dates utilized because of the lockout. Revenues were only down 7 million in 2005 despite the lack of a hockey season for the arena and despite dumping significantly more cash into the Panthers that year.
Refinancing also referenced in 2004, 2006, and 2007 in the audit but not enough info is included to speculate on all implications for SSE
Here was the screwed up backwards article that lead to all the followup articles about a month ago:
Here's the audit of AOC (not it's not SSE or the Panthers):
It appears that AOC averaged about 17-18 million from 99-08 while the Panthers took an average loss of about 7.5 million per year except in 2005 (Forbes).
View Public Profile
Find More Posts by hockeydoug